LB Pharmaceuticals (NASDAQ:LBRX) Sets New 1-Year High – Here’s What Happened

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $26.26 and last traded at $26.2950, with a volume of 47974 shares. The stock had previously closed at $24.94.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (e)” rating on shares of LB Pharmaceuticals in a research note on Monday, December 29th. Roth Mkm initiated coverage on LB Pharmaceuticals in a research note on Friday, January 9th. They issued a “buy” rating and a $31.00 price objective on the stock. Finally, Stifel Nicolaus upped their price objective on LB Pharmaceuticals from $27.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, LB Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.33.

LB Pharmaceuticals Stock Up 2.9%

The firm has a market cap of $649.45 million and a price-to-earnings ratio of -42.08. The company has a fifty day moving average of $22.80.

Institutional Investors Weigh In On LB Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System bought a new stake in shares of LB Pharmaceuticals during the 4th quarter worth $26,000. Jane Street Group LLC raised its position in shares of LB Pharmaceuticals by 4.6% during the fourth quarter. Jane Street Group LLC now owns 31,733 shares of the company’s stock worth $706,000 after purchasing an additional 1,388 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of LB Pharmaceuticals during the fourth quarter valued at $34,000. Bank of America Corp DE acquired a new position in shares of LB Pharmaceuticals in the 3rd quarter valued at $27,000. Finally, Strs Ohio purchased a new position in LB Pharmaceuticals in the 4th quarter worth about $76,000.

About LB Pharmaceuticals

We are a clinical-stage biopharmaceutical company developing novel therapies for the treatment of schizophrenia, bipolar depression, and other neuropsychiatric diseases. We are building a pipeline that leverages the broad therapeutic potential of our lead product candidate, LB-102, which we believe has the potential to be the first benzamide antipsychotic drug approved for neuropsychiatric disorders in the United States. LB-102 is a new chemical entity and a methylated derivative of amisulpride, a second-generation antipsychotic drug approved in over 50 countries, not including the United States, because the development and regulatory requirements of the U.S.